Martin Lewis has issued a warning to homeowners after the Bank of England's interest rate rise today (November 3). In a bid to control inflation amid the cost of living crisis, the Monetary Policy Committee voted to increase interest rates from 2.25 per cent to 3 per cent - which is the highest base rate since the recession in 2008.
The 0.75 per cent rise is also the biggest interest rate increase since 1989 and the eighth consecutive time that the Bank has raised rates in less than a year. But with higher interest rates also comes higher mortgage rates, which has sent many homeowners into a state of panic.
Martin Lewis took to his Twitter account soon after the news broke at 12pm on Thursday to issue a word of warning. The money-saving expert, who is known for his insightful financial advice, addressed his 1.9m followers on Twitter and explained how mortgage holders could be affected.
